Question

If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?

Answer

If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

  • Receiving a refund
  • Outside the country while serving in the military
  • Living in a federally declared disaster area

If you have a balance due, the IRS can assess both of these:

  • Late-filing penalty — 5% of the balance due per month up to 25%
  • Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due

The IRS charges interest on unpaid tax from the return’s due date until the date of payment.

Related Topics

Related Resources

Top IRS Audit Triggers: Nine Tax Mistakes to Avoid

What triggers the IRS to audit a tax return? Learn how common tax mistakes and errors can be a red flag and affect your chances of being audited by the IRS.

What are the current tax rates?

Find the current percentages for federal income tax rates, capital gains tax rates, Social Security tax rates and more from the tax experts at H&R Block.

The Complete Guide to the W-2 Form

The key to understanding your w-2 form is decoding the boxes and numbers. Learn how to read your w-2 form with this box-by-box infographic from H&R Block.

Form 8863

The tax experts at H&R Block outline how students and parents can file Form 8863 and document qualified expenses. Read about Form 8863 here.